Faster Payments – Commercial clients

On 27 May 2008 the UK banking industry introduced a new payment system known as the Faster Payments Service. This service allows you to send and receive low value, sterling domestic payments in near real time, at any time of day, every day of the year including weekends and Bank Holidays.

Standing orders are also sent through the Faster Payments Service where possible.

All Commercial clients can receive Faster Payments into their Sterling current accounts. However, you can only send Faster Payments through Bankline.

The advantages of the Faster Payments Service for Commercial clients are:

  • Near real time payments
  • Available 24 hours a day, seven days a week, 365 days a year (sterling accounts only)
  • Cheaper alternative to CHAPS for low value payments

For further information about Faster Payments please see the Frequently Asked Questions

If you are an existing Bankline user and want to know more about sending Faster Payments on Bankline, please click here.

If you are not currently registered for Coutts Bankline, but would like more information about this service, please click here to visit our Bankline website.  To register for the service, please speak to you Commercial Banker.